In a third transaction, an existing 76-unit development completed about six years ago has a new owner.
In the first quarter, the Northeast performed best in both sales and price gains by percentage.
Now is the moment for Clarkstown to lead. The town can and must take an active role in facilitating the rebirth of this site.
In a third transaction, an existing 76-unit development completed about six years ago has a new owner.
WHITE PLAINS—Two significant development properties in Downtown White Plains have changed hands, including the now vacant site of the former Hudson Gateway Association of Realtors headquarters at the former Westchester Pavilion at 60 South Broadway. In a third transaction, an existing 76-unit development completed about six years ago has a new owner.
The two recent development site deals were both announced by commercial brokerage firm CBRE. On May 6, CBRE reported the $27-million sale of 60 South Broadway, a vacant 3.58-acre development site to Alexander Members Holding LLC, a subsidiary of Stagg Group, which is headed by CEO Mark Stagg. The CBRE team of Jeffrey Dunne, Eric Apfel, and Travis Langer represented the seller, Quarterra Multifamily Communities, formerly operated as Lennar Multifamily Communities.
The site, which has been vacant since the Westchester Pavilion Mall was demolished in 2017, is currently approved for two multifamily high rises, totaling 814-units.
The Westchester Pavilion mall, was sold in March 2017 by Urstadt Biddle Properties for $56.6 million to Lennar Multifamily. The retail property faced hard times with the loss of major tenants. The Hudson Gateway Association of Realtors had maintained its headquarters at the property but relocated from its offices at the Westchester Pavilion in July 2016 to more than 14,000 square feet of space at its current headquarters located on the top floor of the Source at White Plains.
CBRE’s Jeff Dunne said of the sale of the 60 South Broadway development site, “The offering represented a highly unique opportunity to buy one of the most significant sites in White Plains. The location is ideally suited to a transformational, trophy asset.”
CBRE’s Eric Apfel added, “We are pleased to have represented our client, Quarterra, in the sale of their site at 60 South Broadway. This purchase is transformative for White Plains. The site was highly sought-after and will offer an unbelievable location to future residents. We look forward to watching this project come together with the new owner, Stagg Group.”
The transaction followed the May 2nd sale of 1 Water St., a more than 1.3-acre development site near the White Plains Train Station with approvals for 301 apartments.
Veris Development sold the property to David Gaber of Bijou Properties and Kavneet Sethi of Green Property LLC. The CBRE team of Jeffrey Dunne, Eric Apfel, and Travis Langer represented the seller, Veris Residential. No financial terms of the transaction were disclosed.
The site is located at the eastern edge of the White Plains Central Business District directly adjacent to the White Plains Train Station. The site is currently approved for a 301-unit residential high-rise.
CBRE’s Dunne said, “The offering represented a highly unique opportunity to buy a significant site adjacent to the White Plains train station. This is one of the best locations in White Plains in a neighborhood that is undergoing a tremendous transformation and will provide future residents access to Grand Central Terminal in as few as 39 minutes.”
CBRE’s Apfel added, “We are pleased to have represented our client, Veris Residential in the sale of their site at One Water Street. We expect that David Gaber of Bijou Properties and Kavneet Sethi of Green Property LLC will bring fresh energy to this project and contribute to the ongoing rejuvenation of White Plains. We look forward to seeing this project take form.”
On May 9, Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of One Dekalb, a 76-unit boutique multifamily property in Downtown White Plains for $31.5 million, or $414,474 per unit to Benchmark Real Estate Group.
“One Dekalb is a fully leased, core-plus asset located in the highly sought-after Downtown White Plains submarket, which provides residents with a high quality of life, walkability, and direct proximity to New York City,” said Eric Pentore, IPA vice president.
Pentore handled the transaction with team members Victor Nolletti, IPA executive managing director, Wes Klockner, and Ross Friedel. The IPA team represented the seller and procured the buyer, Benchmark Real Estate Group, in association with John Horowitz, Marcus & Millichap’s broker of record in New York.
The property is one block from The Westchester, an 860,000-square-foot shopping mall. Restaurant Row on Mamaroneck Ave., Renaissance Plaza, and City Center at White Plains are nearby. Completed in 2019, One Dekalb’s community amenities include a rooftop terrace, resident lounges, and co-working spaces. Apartments have keyless entry systems, open floor plans, full-size washers and dryers, and oversized windows.
In the first quarter, the Northeast performed best in both sales and price gains by percentage.
The Federal Reserve Board stressed that it will continue to press forward on its goal of bringing the inflation rate back to 2%.
Nguyen is a local Realtor with more than 20 years of experience.
After that detailed and thorough consultation, we reached an outcome that promotes individual choice, while also reinforcing a system of openness for all.
Receive original business news about real estate and the REALTORS® who serve the lower Hudson Valley, delivered straight to your inbox. No credit card required.
